Exemption Orders (Discretionary)
NATIONAL BANK SECURITIES INC.
2001 BCSECCOM 967
ORDER UNDER SECTION 88 OF THE SECURITIES ACT, R.S.B.C. 1996, c. 418
NATIONAL BANK SECURITIES INC.
AND
NATIONAL BANK AMERICAN INDEX PLUS FUND
NATIONAL BANK AMERICAN RSP INDEX FUND
NATIONAL BANK BOND FUND
NATIONAL BANK CANADIAN EQUITY FUND
NATIONAL BANK CANADIAN INDEX FUND
NATIONAL BANK CANADIAN INDEX PLUS FUND
NATIONAL BANK DIVIDEND FUND
NATIONAL BANK EMERGING MARKETS FUND
NATIONAL BANK EUROPEAN EQUITY FUND
NATIONAL BANK EUROPEAN SMALL CAPITALIZATION FUND
NATIONAL BANK ASIA-PACIFIC FUND
NATIONAL BANK FUTURE ECONOMY FUND
NATIONAL BANK FUTURE ECONOMY RSP FUND
NATIONAL BANK GLOBAL EQUITY FUND
NATIONAL BANK GLOBAL EQUITY RSP FUND
NATIONAL BANK GLOBAL TECHNOLOGIES FUND
NATIONAL BANK GLOBAL TECHNOLOGIES RSP FUND
NATIONAL BANK GLOBAL RSP BOND FUND
NATIONAL BANK INTERNATIONAL RSP INDEX FUND
NATIONAL BANK MONEY MARKET FUND
NATIONAL BANK MORTGAGE FUND
NATIONAL BANK NATURAL RESOURCES FUND
NATIONAL BANK QUEBEC GROWTH FUND
NATIONAL BANK RETIREMENT BALANCED FUND
NATIONAL BANK SECTOR ROTATIOIN FUND
NATIONAL BANK SMALL CAPITALIZATION FUND
NATIONAL BANK U.S. MONEY MARKET FUND
NATIONAL BANK TREASURY BILL PLUS FUND
NATIONAL BANK SECURE DIVERSIFIED FUND
NATIONAL BANK CONSERVATIVE DIVERSIFIED FUND
NATIONAL BANK MODERATE DIVERSIFIED FUND
NATIONAL BANK AGGRESSIVE DIVERSIFIED FUND
NATIONAL BANK INTREPID DIVERSIFIED FUND
NATIONAL BANK/FIDELITY CANADIAN ASSET ALLOCATION FUND
NATIONAL BANK/FIDELITY GLOBAL ASSET ALLOCATION FUND
NATIONAL BANK/FIDELITY INTERNATIONAL PORTFOLIO FUND
NATIONAL BANK/FIDELITY GROWTH AMERICA FUND
NATIONAL BANK/FIDELITY FOCUS FINANCIAL SERVICES FUND
(collectively, the “Funds”)
[para 1]
Background
1. National Bank Securities Inc. (the “Manager”) and the Funds applied to the Executive Director for an order under section 88 of the Securities Act, R.S.B.C. 1996, c. 418 that each of the Funds be deemed to have ceased to be a reporting issuer.
[para 2]
Representations
2. The Manager has represented to the Executive Director that:
2.1 the Manager is a corporation governed by the laws of Canada and is registered as a mutual fund dealer in Quebec, Ontario and New Brunswick (collectively, the “Other Jurisdictions”);
2.2 the Funds are no-load funds and are managed in Quebec;
2.3 the Funds are reporting issuers in the Other Jurisdictions, and are not in default of any requirements under the securities legislation in the Other Jurisdictions;
2.4 the Funds’ units are offered for sale on a continuous basis in the Other Jurisdictions under simplified prospectuses and annual information forms dated September 21, 2000, October 10, 2000 and October 11, 2000 (collectively, the “Offering Documents”);
2.5 the Offering Documents were filed with the British Columbia Securities Commission because the Manager intended to expand its commercial activities into British Columbia, but that expansion did not proceed;
2.6 the Manager is not registered as a mutual fund dealer in British Columbia;
2.7 as a result of filing the Offering Documents in British Columbia, the Funds are reporting issuers under the Act;
2.8 no units of the Funds were offered for sale in British Columbia, but due to movement by unitholders from Other Jurisdictions, there are approximately 19 unitholders of the Funds resident or located in British Columbia;
2.9 unitholders of the Funds in British Columbia will receive continuous disclosure materials provided to unitholders of the Funds located in the Other Jurisdictions; and
2.10 the Funds do not intend to seek public financing by way of an offering of their securities in British Columbia.
[para 3]
Order
3. Considering that it would not be prejudicial to the public interest, it is ordered under section 88 of the Act that each of the Funds is deemed to have ceased to be a reporting issuer.
[para 4]
DATED October 3, 2001.
Brenda Leong
Director